Industry Trends – Time for Change

There is a life cycle for everything. Your business is no exception. I’m not saying that your business is going to go extinct, per say. But it just might, particularly if you have not done much to change with the times. Businesses that once ruled their markets can be gone in the blink of an eye.

It’s happened over and over throughout the years. I remember when Sony ruled the TV market and there was no way any other brand could even try to take over their number one spot. Then this little known company named Samsung decided to get an exclusive deal with the NFL. Two years later, Sony was wondering what happened and they have yet to gain back their top-dog status. Recently, Kaleidescape decided to close up shop. This is a player in our industry who has fought major legal battles for us all in relation to content, and our ability to view that content. They were an industry hero if you will, a pioneer, with an excellent product and now they’re gone.

One idea can change the way we think, the way we function, even our daily habits. Apple changed the way we use handheld devices, Uber has opened our eyes to ride sharing and Airbnb has created a new avenue for us to travel. Pokémon Go changed gaming forever, literally overnight, with augmented reality. There is one common theme to all of these things: change. And this type of revolutionary change happens quickly. Because once something of this caliber is presented, the world embraces it at an incredible pace.

Not all change will be as impactful as the iPhone or Uber but is still necessary to stay current. Change or die is a very real adage. HTSA changed their name to embrace Technology. CEDIA recently rebranded to stay current with our industry. They are even trying to help standardize how we are labelled to customers by introducing the term Technologist. This is a good step, because we need an identity. Up to this point we have been all over the map with what we call ourselves. If we can’t label ourselves, how do we expect our customers to find us?

So now ask yourself, “What am I doing to change?” Are you happy with your business the way it is? Could you be more efficient? Do you want more business? Should you downsize? Do you have an amazing idea that you just haven’t tried yet? What do you need to be happier? Answer the questions first, and then pave a path to get there. It’s really easy if you break it down. What is needed to make this change happen?

Knowing the path that you need to take is the first step. After that comes the hard part. At some point in time you are going to have to actually make this change happen. Change is scary for everyone! But there are only two paths that you can take. Either chase your dreams or be happy with mediocrity. I, for one, cannot stand the “what if” factor. That feeling you have after an opportunity passes you by and you always wonder, “What would have happened if I would have done something different?” There is no reason that you should ever feel regret. You will either succeed in your efforts or you will learn from it. Both of these outcomes are good. You just have to embrace change in all its frightening glory. And you shouldn’t wait to do it.

Time is limited, embrace your dreams and make your change happen today! That little idea you had 5 years ago could be the next Sonos, SnapAV or Portal.io. Now is the time for a revolutionary change in your business and your life. One of my favorite quotes is from cartoonist Bil Keane who said, “Yesterday is the past, tomorrow is the future, but today is a gift. That’s why they call it the present.”

Barrie McCorkleAuthor's page
Barrie McCorkle is vice president, strategic partnerships with SupplyStream. He is a consumer electronics industry veteran with more than 25 years experience in the audio, video and custom installation community.